** Shares of McLaren Metals MML.AX fall as much as 8% to A$0.023, their lowest level since October 1

** Stock set for weakest trading session since October 10, if current trend holds

** The mineral explorer to raise A$3.6 million ($2.34 million) through 1-for-1 pro-rata non-renounceable entitlement offer

** Offer price of 1.8 Australian cents per share marks a discount of 28%, as of firm's last close

** Capital raising to fund ongoing study and exploration works at McLaren Project in Western Australia

** YTD, shares fall 45.24%, including the day's moves

($1 = 1.5389 Australian dollars)

(Reporting by Aamir Shaik Khalid in Bengaluru)

((aamir.sheikkhalid@thomsonreuters.com))